John Gregory, President, 1040Return.com

The businesses’ need to cut back on costs and achieve higher operating efficiency has made the idea of hiring independent contractors more lucrative with every passing day. While most professionals finish the task, get paid and never think about it until the tax time is around the corner, there are businesses that misclassify their workers erroneously due to the complex nature of tax laws or deliberately to save on additional employment costs. Such misclassification can have a deep and negative impact on your business, both financial as well as reputational.